Last year in the second quarter, Conrail reported extraordinary income of $14 million from the sale of some of its lines and equipment in Canada to the Canadian National Railway Co. and Canadian Pacific Ltd.
In the first six months of 1986, Conrail had net income of $205 million on revenue of $1.57 million, compared with profit of $209 million on revenue of $1.64 million last year.
Conrail vice president Saul Resnick said the number of loaded freight cars that the railroad shipped over its lines in the quarter was about the same as in the 1985 second quarter, increasing by 0.2 percent this year.
The decrease in revenues was mostly because the railroad received on
average less per carload, the result of a decline in the hauling of commodities that are more expensive to ship, such as automobiles and auto products, Resnick said.
DIAMOND-BATHURST INC. The Malvern glassmaker reported record sales and earnings for the second quarter, which ended June 30. The company said sales climbed 13 percent and earnings jumped 78 percent compared with the second quarter of 1985.
The company attributed the results to acquisition of a substantial portion of the business of a competitor, Thatcher Glass Co., in July 1985, a price increase earlier this year and improved productivity.
Net income for the period totaled $6.59 million on sales of $138.6 million. The latest results compare with income of $3.71 million on sales of $122.8 million for the same period in 1985.
On a per-share basis, net income increased 48 percent to 86 cents from 58 cents for the same period in 1985. Per-share results were diluted by an increase in the average number of shares outstanding during the period to 7.66 million from 6.36 million as a result of acquisitions made since last year.
For the latest six-month period, the company reported net income of $8.28 million on sales of $255.4 million compared with income of $4.07 million on sales of $137.2 million for the first half of 1985. The dramatic jump in sales in the six-month comparison reflects the company's acquistion of Container General Corp. on April 1, 1985.
Diamond-Bathurst manufactures clear, amber and green-glass containers in a variety of shapes, designs and sizes. The company sells its products principally to customers in the food, distilled spirits, soft drinks and wine industries.
PSEG. Public Service Enterprise Group, the parent of Public Service Electric & Gas Co. of New Jersey, reported flat earnings per share for the second quarter, as both net income and the number of shares outstanding rose.
PSEG, which operates New Jersey's largest public utility, posted net income of $124.9 million in the quarter, up from $111.9 million a year earlier. But earnings per share remained at 93 cents, as the number of shares rose to 132.2 million from 121.8 million last year.
For the 12 months ended June 30, PSEG's earnings per share dropped slightly, to $4 from $4.06 in the year-earlier period. The rise in outstanding shares for that period outpaced a growth in net income.
Revenues rose in the second quarter to just over $1 billion, from $939.2 million a year earlier. Electricity sales rose 4.4 percent in the first half of 1986 over the same period in 1985. Gas sales rose 0.1 percent.
PSEG serves electric and gas consumers in New Jersey's populous core from Camden County north to the Hudson River.
MACK TRUCKS INC. The Allentown company said yesterday that sales for the second quarter, which ended June 30, declined 19 percent. The drop is a reflection of the depressed market nationally for heavy-duty trucks, Mack's principal product.
The company returned to profitability, however, after three straight quarterly losses. Mack reported its highest quarterly earnings since 1984 with substantial help from one-time gains and carryforward tax benefits. Before consideration of unusual items, the company earned only a modest profit.
For the latest period, Mack reported sales of $481.4 million, down from $593.2 million in the second quarter of 1985.
Net income for the period totaled $14 million or 47 cents per share, compared with $4.2 million or 11 cents per share in the 1985 quarter. Unusual items accounted for $10.6 million of the $14 million in income.
The company said it realized a gain of $5.9 million from the sale of an unused service-and-parts facility in Bridgewater, N.J. Mack also reported $1.9 million in income as a result of tax benefits and $2.8 million arising from the adoption of a new pension-accounting standard.
For the first six months of the year, Mack's net income including extraordinary income totaled $2.77 million or 6 cents per share, compared with $8.35 million or 23 cents per share for the first half of 1985. Sales for the latest six months were $878.6 million, a decrease of 23 percent from $1.14 billion during the 1985 period.
Though the year-to-year comparisions showed that Mack was still having trouble, the trend from the first quarter of 1986 indicates significant improvement. The company said that sales of heavy-duty truck rose 30 percent, compared with the first quarter, while sales of medium trucks rose 28 percent.
U.S. HEALTHCARE INC. Citing continued growth in its HMOs, the Blue Bell company reported that net income for the second quarter increased 67 percent to $9.2 million or 18 cents a share. Revenues rose 59 percent to a record $137 million.
During the same period a year ago, U.S. Healthcare had net income of $5.5 million or 12 cents a share on revenues of more than $86 million.
Senior vice president and treasurer Lawrence T. Longacre said it was the 14th consecutive quarter in which the firm reported higher earnings since going public in 1983.
Longacre attributed the increases to a new HMO opened earlier this year in New York, which had revenues of $7 million, a new prepaid medical plan for Medicare recipients, and expansion of the company's existing HMOs in Pennsylvania and New Jersey.
During the second quarter, U.S. Healthcare reported a 23 percent increase in members of HMO of Pennsylvania, its flagship product, bringing total enrollees to 418,000. Membership in New Jersey grew 53 percent to 171,000, versus 112,000 for the second quarter of 1985.
For the six-month period, also ended June 30, the firm reported net income of $17.7 million or 35 cents a share on revenues of more than $261 million. That compared with net income of $10.3 million or 21 cents a share on
revenues in excess of $164 million in 1985.
FREDA CORP. The Philadelphia meat-processing firm reported earnings of $94,899 or 16 cents a share in the second quarter, which ended March 1.
During the same period last year, the company posted a loss of $3,345 or 1 cent a share. The company attributed that loss to increased operating expenses, lower profit margins and costs associated with its acquisition of C.D. Moyer Co., a Silverdale, Bucks County, meat processor.
Quarterly revenues rose to $11.3 million, compared with $10.5 million last year.
For the six-month period, Freda's earnings rose to $260,331 or 43 cents a share on sales of $22.6 million. During that period last year, the company earned $191,823 or 31 cents a share on sales of $21.4 million.
LEHIGH PRESS INC. The Pennsauken company reported a slight increase in its second-period earnings.
Earnings for the quarter, which ended June 30, were $1.3 million or 78 cents a share. The diversified graphic-arts company reported earnings of $1.2 million or 76 cents a share a year earlier.
Sales increased to $29.8 million, compared with $28.1 million last year.
John B. DePaul, chairman of the company, said that pricing in the industry had become extremely competitive. As a result, he said, the company's current
financial performance does not reflect certain operational improvements.
In the half-year period, Lehigh had earnings of $2.8 million or $1.66 a share, compared with $2.6 million or $1.57 last year. Six-month revenues rose
from $61.1 million last year to $62.2 million.
